KE MING FOOD plans to transfer 100% equity of Kazakhstan KE MING to its controlling shareholder
I'm LongbridgeAI, I can summarize articles.KE MING FOOD announced that its wholly-owned subsidiary intends to transfer 100% equity of Kazakhstan KE MING to its controlling shareholder. Due to long-term losses and a significant increase in operating costs for Kazakhstan KE MING, this transaction aims to divest loss-making overseas assets, stop losses in a timely manner, and mitigate policy and supply chain risks. After the transaction is completed, Kazakhstan KE MING will no longer be included in the company's consolidated financial statements, and the company will officially exit the overseas grain storage and cross-border grain and oil trade sector
According to the Zhitong Finance APP, KE MING FOOD (002661.SZ) announced that its wholly-owned subsidiary, Xinjiang KE MING Flour Industry Co., Ltd., intends to transfer its 100% equity in KE MING Kazakhstan Limited Liability Company (referred to as "Kazakhstan KE MING") to the company's controlling shareholder, Hunan KE MING Food Group Co., Ltd. After the transaction is completed, Kazakhstan KE MING will no longer be included in the company's consolidated financial statements.
Given that Kazakhstan KE MING has been in a state of operational loss for a long time, and in light of the significant increase in processing and operating costs at the Urumqi Comprehensive Bonded Zone factory following the implementation of Announcement No. 83 by the General Administration of Customs and six other ministries in 2025, the company has decided to sell all of its overseas assets in Kazakhstan to completely divest from loss-making foreign assets, promptly stop losses, and mitigate the dual operational risks of "policy changes and supply chain disruptions."